Credit-Rating confirms the rating of Odesa at uaАА- The rating of Odesa confirms at uaАА- The rating of Odesa confirms at uaАА-

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Expert Opinion

13.05.2010

Credit-Rating: Abolishment of Foreign Currency Auctions to Have No Significant Impact on the Currency Market and Banks’ Asset Quality

Credit-Rating believes that the abolishment of special auctions on sale of foreign currencies to borrowers for repayment their loans is not going to have a significant impact on banks’ asset quality and environment in the financial market.

Since early 2010 the bid segment of the currency market has been rising gradually, accompanied by converging official and market rates (including bid rate in cash market). Under such circumstances the actuality of individual participation in special currency actions decreased.

According to Galina Vinnik, a Credit-Rating’s leading financial analyst, the fact that the NBU launched special currency auctions in February 2009 intended for sale foreign currencies to individuals for repayment of their foreign currency-denominated loans allowed to slash rushing demand of individuals, and in line with other factors, to stabilize situation in the currency market.

Credit-Rating agency has operated in the Ukrainian market since 2001 being committed to assignment of the national scale ratings. The agency has assigned 1081 ratings. As at May 1, 2010 the agency’s list of ratings included 638 ratings: 493 in corporate, 98 in financial and 47 in municipal sectors.

Information on all credit ratings assigned in accordance with the National Rating Scale may be found in REUTERS and BLOOMBERG information systems.

For more information, please contact:
Information and analytic department
Sergey Rozumyak +38044490 25 50 
SRozumyak@credit-rating.com.ua
Denis Rudenko
DRudenko@credit-rating.ua

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